Global Ship Lease, Inc. Commences Cash Tender Offer to Purchase Up to $20 Million of First Priority Secured Notes
Apr 21 15
Global Ship Lease, Inc. announced that it is commencing a cash tender offer to purchase up to $20 million aggregate amount with respect to its outstanding 10.000% First Priority Secured Notes due 2019 at a purchase price of 102% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the purchase date. The excess cash flow offer is being made pursuant to requirements set forth in the indenture governing the notes that require the company to offer to purchase notes, subject to there being at least $1.0 million of excess cash flow, up to a maximum of $20 million and subject to certain limitations, within 120 days following the end of each fiscal year. The excess cash flow offer will expire at 5:00 p.m., New York City time, on May 20, 2015, unless extended by the company, in its sole discretion. If the aggregate amount with respect to the Notes validly tendered (and not validly withdrawn) in the excess cash flow offer exceeds the maximum offer amount, the trustee under the indenture governing the notes will select the notes to be accepted for purchase on a pro rata basis (with such adjustments as may be needed so that only Notes in minimum amounts of $200,000 and integral multiples of $1,000 in excess thereof will be so purchased). Tenders of the notes must be made on or prior to the offer expiration date and may be validly withdrawn at any time on or prior to the offer expiration date. In the event that the aggregate amount with respect to tendered and accepted notes is less than the maximum offer amount, any amount less than the maximum offer amount not used for the purchase of notes pursuant to the excess cash flow offer will be available for use by the company in any manner permitted under the indenture. The excess cash flow offer is being made pursuant to an offer to purchase, dated April 21, 2015, and related documents (collectively, the Offer Documents), which set forth the complete terms and conditions of the excess cash flow offer. The excess cash flow offer is made only by and pursuant to the terms set forth in the Offer Documents, and the information in this press release is qualified by reference to those documents.
Global Ship Lease Declares Quarterly Dividend on Series B Cumulative Redeemable Perpetual Preferred Shares for the Quarter Ending March 31, 2015, Payable on April 1, 2015
Mar 12 15
Global Ship Lease, Inc. announced that the Company's Board of Directors has declared a cash dividend of $0.546875 per depositary share, each representing a 1/100th interest in a share of its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares. The dividend represents payment for the period from January 1, 2015 to March 31, 2015 and will be paid on April 1, 2015 to all Series B Preferred shareholders of record as of March 25, 2015.
Global Ship Lease, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
Mar 3 15
Global Ship Lease, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported operating revenues of $36,852,000 against $36,056,000 a year ago. Operating income was $11,608,000 against $12,806,000 a year ago. Loss before income taxes was $147,000 against income before income taxes of $7,926,000 a year ago. Net loss available to common shareholders was $929,000 against income available to common shareholders of $7,892,000 a year ago. Net loss per class A common diluted share was $0.02 against income of $0.17 per share a year ago. Net cash provided by operating activities was $26,794,000 against $18,462,000 a year ago. Cash paid for vessel acquisition was $55,162,000. Cash paid for drydockings was $1,924,000. Adjusted EBITDA was $22,559,000 against $22,901,000 a year ago. Normalized net loss was $929,000 against normalized net income of $5,421,000 a year ago. The increase in revenue, from the addition of OOCL Tianjin on October 28, 2014, was partially offset by, first, reduced revenue on 4 vessels following charter extensions by 3 years to late 2019 at a lower daily rate of $15,300 compared to $18,465 previously, and this was effective February 1 this -- last year; and second, from 19 days additional off-hire in the quarter for the regulatory dry docking of CMA CGM Matisse; and for the dry docking, to modify the bulbous bow of CMA CGM Thalassa to improve fuel efficiency at slower speeds as well as other normal dry dock work. Normalized net loss adjusted for noncash items was $0.9 million, the same as the reported net loss for the quarter.
For the year, the company reported operating revenues of $138,615,000 against $143,212,000 a year ago. Operating income was $42,274,000 against $51,160,000 a year ago. Income before income taxes was $6,185,000 against $32,615,000 a year ago. Net income available to common shareholders was $4,996,000 against $32,518,000 a year ago. Net income per class A common diluted share was $0.10 against $0.68 per share a year ago. Net cash provided by operating activities was $60,903,000 against $74,344,000 a year ago. Cash paid for vessel acquisition was $55,162,000. Cash paid for drydockings was $2,765,000 against $2,553,000 a year ago. Cash paid for other assets was $7,000 against $2,000 a year ago. Adjusted EBITDA was $83,333,000 against $91,545,000 a year ago. Normalized net loss was $2,538,000 against normalized net income of $18,216,000 a year ago. The decrease in revenue is mainly due to lower daily rates on the four extended charters, a total of 64 days idle time on the two 4,113 TEU vessels pending re-deployment on new charters, a temporary lower daily rate on Julie Delmas for 155 days during a period of reduced capability due to a damaged crane and increased offhire, and partially offset by the contribution from OOCL Tianjin.